Jollibee ratches up US/Canada expansion
Fastfood giant Jollibee Foods Corp. is opening 250 stores in the US and Canada in the next five years as part of its aggressive push overseas.
Jollibee president Ernesto Tanmantiong said this was in line with the company’s goal to become one of the top 5 quick service restaurants in the world by 2020.
The group has programmed to open 150 stores in the US and 100 in Canada.
Tanmantiong said JFC wants to build a bigger presence in the US and Canada to cater to the large diaspora population of Philippine workers and residents.
It hopes to achieve this either through acquisitions or construction of new outlets.
JFC recently purchased a 47 percent stake in Tortas Frontera, a Mexican restaurant founded by US chef Rick Bayless. The transaction was valued at $12.4 million.
With a market value of more than $5 billion, JFC had 4,353 stores operating worldwide as of the end of September, of which 3,003 are located in the Philippines.
Apart from its flagship brand Jollibee, the group’s portfolio also includes Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, and Pho 24.
Overseas, JFC manages other brands like Smashburger, Yonghe King, Dunkin? Donuts, Hong Zhuang Yuan, Highlands Coffee and, Hard Rock Cafe.